Colorado made $23 million in marijuana taxes in March according to data released today by the Colorado Department of Revenue.
In total the state made $23,101,036 in taxes from the legal marijuana industry. This is roughly on par with, albeit slightly less than, the $24.7 million sold in February. However it is more than the $22.3 million in legal marijuana tax revenue for January.
Colorado’s year-to-date total for marijuana taxes is now $70.2 million. The total since the start of legal sales in 2014 now stands at $2.46 billion.
In Colorado retail marijuana is subject to a 15% sales tax levied on retail sales, and a 15 % excise tax levied on the first transfer of marijuana from a wholesaler to a processor or retailer. This is in addition to the state’s 2.9% states sales tax, and a local tax of up to 2.9%. Medical marijuana is exempt from the 15% sales tax and 15% excise tax, but not the 2.9% statewide sales tax.
The taxes made in March are lower than the taxes made during the same month in 2020, 2021 and 2022, but is higher than every March between 2014 – 2019.
Colorado was one of the first two states to legalize marijuana with the passage of a 2012 citizen’s initiative, alongside Washington State. Although marijuana possession became legal the following year, the first marijuana stores didn’t begin opening until 2014.
